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Gold’s one great year of the early 1990s: famous speculators piled in and drove the price from a March low near $326 to $406 by midsummer, an 18% annual gain.
Monthly path for 1993, anchored to the real open ($ 333.00), the high in July, the low in March, and the close ($ 392.00). The dashed line marks the yearly average; intra-year movement between anchor points is illustrative.
Year-over-year, gold rose +17.72% versus its 1992 close of $ 333.00.
After three years of grinding decline, 1993 delivered gold’s first genuine excitement of the decade. News that George Soros — fresh from breaking the Bank of England — had bought a major stake in Newmont Mining from Sir James Goldsmith, who was himself loudly bullish, electrified the market in April. Speculative money poured in, and by late July gold had run from a March low near $326 to $406.
The fundamentals offered some support — European interest rates were falling and India had just liberalized gold imports, unleashing pent-up demand from the world’s most gold-loving culture — but the rally was ultimately a speculative episode, and it cooled once the fast money moved on. Still, the year closed with an 18% gain, and the $326 low would hold as the floor for the next four years.
High-profile investors — most famously George Soros and Sir James Goldsmith — took large gold positions in the spring.
The price surged from about $326 in March to $406 by late July, its best run in years.
European currency turmoil and falling interest rates revived interest in hard assets.
India liberalized gold imports, beginning its emergence as the dominant source of physical demand.
Gold averaged about $360 per ounce in 1993, rising from a March low near $326 to a July peak around $406, and closed the year near $392 — up almost 18%.
Publicised buying by famous speculators like George Soros and James Goldsmith triggered a wave of investment demand, aided by falling European rates and India’s liberalization of gold imports.
Gold's 1993 high was about $ 406.00 per troy ounce, reached in July.
The average gold price in 1993 was roughly $ 360.00 per troy ounce — it opened near $ 333.00 and closed around $ 392.00.
Gold rose about 17.7% over 1993, between a low of $ 326.00 and a high of $ 406.00.
Historical figures are approximate annual values shown for educational analysis and may differ from other sources. This is not financial advice — see our disclaimer.